How Many Mortgages Can I Get W/o Killing My Scores?
I know that many factors will affect individual credit scores so I know that this answer can be different for many people but based on your own experiences or from what reliable sources you have heard; I want to how many mortgages can an individual have at the same time before it drops considerably? If you remember your specific case tells us how many loans in how much time and how many points did you drop? Thanks.
If they are all paid promptly they will help your credit score.
What could get you is your debt. Banks will not want to lend to you at some point because of your high level of debt, which could cause you to do stated income loans which carry higher rates.
I agree with Doston and wonder why anyone would want to own and keep up with so many homes when they could buy 1 multi family unit, using a non recourse loan, management company, and probably make more money.
the best way to do it is put everything under LLC, that way your personal credit is out the window, and everything is liable under your business credit.
this is exactly why I love commercial ... NON-RECOURSE loans! WOOOOH!
I exchanged into 45 properties in 2005 (see my article). I used a loan broker who placed separate loans with 8 different lenders. Some of these are seconds. I have been current with all of them and my score now is over 700.
Various lenders had restrictions on the number of loans they would take. They all knew about the properties that I owned before the exchange. The closings were spread out over a three month period of time and that was because the loan approvals came at different times. All of these were non-conforming loans since I already had over 10 loans that showed up on my credit report. As such, there is not the 10 loan restriction that there is with Freddie/Fannie conforming loans.
The key person in the exchange was my loan broker. He has very good relations with lender representatives. I am not sure what he exactly revealed to each of them, but he was trying to get each to take a block of loans. There was nothing that I saw on any of the loan apps that was dishonest or misleading.[ Edited by edmeyer on Date 06/26/2007 ]
None of the banks I spoke to were willing to do commercial loans on anything but 5 plexes and up.
They also would not finance in the LLC. Even our construction loans are not commercial. Although they do not show up on our credit.
DHLC has a great Hardmoney program. There is no pre-payment penalty, but it has to be at least at 30% discounted from the MV. If the property is at 70% or below LTV, this is a done deal. If it doesnt meet 70% LTV, there are still a couple of ways to get this deal done via Hardmoney. No skin needed, the property is the collateral. Let me know how it pans out..
thanks for your response.
Question, what is MV .
I just googled dhlc, they are for texas and colorado investors, I am in GA, any help nationwide?
MV stands for Market Value. He is trying to get you to understand that Hard Money Lenders (everywhere) will want to loan ONLY up to about 70-75% Loan To Value (LTV).
THerefore Market Value is 100% of your value, LTV is the Loan Ratios the lender will lend to.
Hope that helps...
writting an offer is one way, but you may quicking get a bad name as some that allways bails out of a deal.
Is there anything you can do w/ your schedule to make sure you and ur buddy can be available.
GT your buddy sounds like a great guy.
How are you locating these properties?
Do you know if you would have bid high enough to get the properties, even if your buddy had approved of the deal? Are you using your buyer’s agent, or are you using the listing agent?
Hello
You could also post an offer contigent on your partners approval.
GT:
why are you waiting for your friend to see the properties? You need to get MLS Access and look at properties before work, estimate rehab (high) and have your friend write offers. It is a numbers game and you need to look at first day out listings.
Education is the key to this business. Also I recommend you try finding motivated sellers thru the internet that are not listed in the MLS.
Best RIches,
Jeff Adams[ Edited by JeffAdams on Date 06/05/2007 ]
You need to get a Realtor who can give you DIRECT ACCESS to the local MLS System via what we call IDX Transfer/Access.
What does this mean?
I give acces to ALL my clients BOTh residential home buyers AND my Investor Regulars.
I do this two ways: 1-Direct MLS Link on my site, 2-An Automatic Respons/Detection System that can source by wide or narrow parameters in what you ar elooning for and then emails you directly the SECOND a listing hits the market.
Suffice to say - my clients love me for this...